Market Probe Announces the Winners of 2010 UK Retail Banking Customer Advocacy Monitor
Survey also found that banks with higher levels of Customer Advocacy had higher levels of new customer acquisition, sales and retention.
London, UK – Market Probe, a global research firm, announces the names of the two banks that posted the highest levels of Customer Advocacy in their respective groups in 2010, based on the firm’s survey of the 10 largest U.K. retail banking institutions.
“The group winners are Barclays of the ‘Big Four’ and Nationwide for the ‘other’ retail banking institutions,” reported John Gilbert, Director of Research, Market Probe UK. “These two banks posted the highest Customer Advocacy scores in their respective groups from retail customers who considered these institutions to be their primary banks.”
The results were based on an August 2010 national survey in which consumers were asked to rate the bank they considered to be their primary bank. Approximately 300-400 consumers rated each of the 10 largest U.K. retail banks. The UK study also sampled consumers who consider a “Direct Bank” as their primary bank. Consumers were asked how many positive referrals they had recently made to others about their primary bank, and about their attitudes that reflected the positive depth of their relationship with their primary bank. Customer Advocacy is a new contemporary metric that measures the degree of customer identification.
The UK Retail Banking Advocacy Monitor established that these banks have achieved the highest levels of identification with their customers, contributing to strong organic growth and customer loyalty. “Direct Banks, as a group, achieved high Advocacy rates comparable to the two individual group leaders. Market Probe will explore this segment further in the next study,” adds Mr. Gilbert.
Dr. TR Rao, President and CEO of Market Probe, says that “advocacy occurs when a customer is fiercely loyal to the company so that they not only spend as much as they can with it, but they also speak highly of their trust and experiences to others via face-to-face contact, phone, email, blogs and social media.” Dr. Rao adds, “Those businesses that engage their Advocates and reduce their Alienated customers will enjoy significant financial benefits.”
Market Probe’s Advocacy framework measures whether a customer feels Alienated, Ambivalent, Allegiant or is an Advocate for a particular business. It is based on various questions asked of customers regarding their favorability, recommendation, future consideration and evidence of positive/negative referrals regarding a particular company. Advocacy is directly linked to desired business outcomes, and the framework can accommodate action planning to improve Advocacy.
USA Bank Advocacy Results
A similar study was conducted covering the top 15 banks in the United States. Earlier this year, Market Probe announced four regional winners among the US retail banks based on their National Advocacy Monitor, which are: Wells Fargo, SunTrust, TD Bank and KeyBank.
Next survey scheduled
Market Probe will conduct the next UK Retail Banking Customer Advocacy Monitor in August of 2011.
Headquartered in Milwaukee, Wisconsin, Market Probe has offices throughout the United States and in Canada, Belgium, France, the United Kingdom, the United Arab Emirates, India, Bahrain, Singapore, Hong Kong and China with in-house facilities for field services by Web and phone. Market Probe is listed among the Honomichl Top 50 US Research Firms and has been providing business solutions to the financial services industry for over 25 years.
In addition to the UK, Market Probe has sponsored Advocacy studies for Retail Banking in the USA, Latin America, and Asia.
For information, please visit www.marketprobe.com or contact Jack Jefferson, Manager of Marketing Communications at Market Probe at 414-778-6000.
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